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Universal Technical Institute, Inc. (NYSE: UTI), headquartered in Scottsdale, Arizona, is a leading provider of post-secondary education for students pursuing careers in automotive, diesel, collision repair, motorcycle, and marine technologies. The institution has a rich history of producing skilled professionals, with over 180,000 graduates in its 49-year legacy.
UTI offers a variety of undergraduate degree and diploma programs at 11 campuses across the United States, and specialized manufacturer-specific training programs at dedicated centers. Their well-known brands include Universal Technical Institute (UTI), Motorcycle Mechanics Institute, Marine Mechanics Institute (MMI), and NASCAR Technical Institute (NASCAR Tech). This extensive network of campuses and specialized programs positions UTI as a pivotal institution in technical education.
Recent Achievements
Recently, UTI announced that the Federal Aviation Administration (FAA) approved the Airframe and Powerplant Technician program at its Miramar, Florida campus. This adds to their existing aviation programs at other campuses, enhancing their portfolio in the aviation industry. Additionally, UTI has rolled out 14 new programs nationally, aiming to provide educational opportunities to over 1,000 students annually in skilled trades and energy fields.
In another significant development, UTI partnered with the United Service Organizations (USO) to support military service members transitioning to civilian life through specialized training programs. They also formed an alliance with MileOne Autogroup to enhance their early employment program, offering students paid work opportunities while completing their education.
Financial Condition
As of the second quarter of fiscal 2024, UTI reported strong market demand across their expanding program offerings, generating double-digit start growth in both of their divisions: Universal Technical Institute and Concorde Career Colleges. UTI raised its fiscal year 2024 new student start, revenue, and profitability guidance, reflecting their strategic execution and growth momentum.
Partnerships and Programs
UTI continues to expand its partnerships with industry leaders like Interstate Batteries, ensuring students have access to state-of-the-art technology and resources. Their educational programs span various fields including HVACR, welding, and automotive technologies. Notably, the HVACR program expansion is underway at multiple campuses, responding to the industry's growing demand.
For more information, visit UTI's official website.
Concorde Career Colleges, part of Universal Technical Institute (UTI), and Heartland Dental have announced a groundbreaking partnership to develop a co-branded campus for dental hygiene and dental assistant programs. The first campus, set to open in fall 2025 in Fort Myers, Florida, will train up to 190 dental professionals annually. Heartland Dental, with over 23,000 employees across 1,750+ supported dental offices, is funding the construction and providing scholarships. This partnership aims to address the significant demand for dental hygienists and assistants in Heartland Dental-supported practices.
The collaboration builds on an existing alliance between the two organizations, leveraging Concorde's expertise in dental education and Heartland Dental's commitment to workforce development. With projected job growth rates of 15.8% for dental hygienists and 15.7% for dental assistants in Florida between 2023 and 2031, this initiative addresses a critical workforce need in the dental industry.
Universal Technical Institute-Bloomfield has opened enrollment for its new Heating, Ventilation, Air Conditioning and Refrigeration (HVACR) program, with classes starting in September. This addition expands the campus's offerings, which now include HVACR, welding, automotive, and diesel education programs. The nine-month HVACR program covers essential skills such as air handling, hydronics, circuitry, ductwork, and system troubleshooting.
The launch aligns with the U.S. Bureau of Labor Statistics' projection of a 6% growth in employment for HVACR mechanics and installers from 2022 to 2032, faster than the average for all occupations. This expansion aims to meet the increasing demand for skilled technicians in temperature control systems across residential, commercial, and industrial settings in the northeast and nationwide.
Universal Technical Institute (NYSE: UTI), a leading workforce solutions education provider, has announced its fiscal third quarter 2024 conference call scheduled for Tuesday, August 6, 2024, at 4:30 p.m. ET. CEO Jerome Grant and CFO Troy Anderson will host the call to discuss the company's financial and operational results for the quarter ended June 30, 2024. Investors can join via toll-free dial-in at 1-844-881-0138 or international dial-in at 1-412-317-6790. The call will be broadcast live and available for replay, with a telephonic replay accessible until August 20, 2024. This event provides an opportunity for stakeholders to gain insights into UTI's performance and future outlook.
Universal Technical Institute (UTI) has announced a partnership with Crown Equipment for its Early Employment Program. Automotive and diesel technology students at 11 UTI campuses can now apply for paid work experience opportunities with Crown, working 20-30 hours weekly while completing their studies. Graduates offered full-time employment by Crown may qualify for tuition reimbursement up to $20,000.
The program is available at UTI campuses in California, Florida, Illinois, New Jersey, North Carolina, and Texas. This collaboration aims to bridge the gap between skilled trade education and industry workforce needs, providing students with valuable hands-on experience and a potential career path with Crown, a global leader in material handling equipment.
Concorde Career College-Portland's respiratory therapy program has been honored with the 'Distinguished Registered Respiratory Therapist (RRT) Credentialing Success' award by the Commission on Accreditation for Respiratory Care (CoARC) for the third consecutive year. This recognition highlights the program's outstanding student outcomes and commitment to excellence.
The award is based on objective criteria including RRT credentialing success of 90% or above, accreditation without progress reports, and meeting high standards for TMC exam scores and student retention. Nationwide, respiratory therapist employment is projected to grow 13% from 2022 to 2032, with the Portland Tri-County region expecting even higher growth at 23%.
Universal Technical Institute (UTI) has announced plans to consolidate the branding of its MIAT-Canton, Motorcycle Mechanics Institute, Marine Mechanics Institute, and NASCAR Technical Institute campuses under the Universal Technical Institute name.
The rebranded campuses will be known as UTI-Canton, UTI-Phoenix, and UTI-Mooresville. This move follows a similar rebranding of MIAT-Houston and UTI-Houston to UTI-Houston, which was positively received.
UTI currently serves 15,000 students across 16 campuses nationwide. The rebranding aims to leverage UTI's greater brand awareness, with the implementation starting in October and continuing through mid-2025.
Universal Technical Institute (NYSE: UTI) announced its investor marketing schedule for June 2024. The company will participate in several events to discuss its growth, diversification, and optimization strategies, focusing on its financial performance and business outlook. Key events include the Roth Capital Partners Non-Deal Roadshow on June 12 in Boston, the 14th Annual East Coast IDEAS Conference on June 13 in New York City, and the Northland Capital Markets Growth Conference on June 25, which will be virtual. Key executives attending include CFO Troy Anderson, VP of Corporate Finance Matt Kempton, and CEO Jerome Grant. The company aims to showcase its achievements and engage with the investment community to drive long-term shareholder value.
Universal Technical Institute (UTI) announced its 2024 'Summer Ignite' program, offering three-week introductory automotive and motorcycle repair courses for high school juniors. Set to tackle the national skilled technician shortage, the program is free and provides credits toward future UTI enrollment. Launched in 2018, Summer Ignite has seen nearly 50% of participants in 2023 pursue related careers. In partnership with NAPA, students receive free uniforms, and sessions begin in June across multiple UTI campuses. The U.S. Bureau of Labor Statistics projects 67,700 job openings annually for technicians through 2032, highlighting the program's importance. Applications are open, with more details available on UTI's website.
Heartland Dental and Concorde Career Colleges have announced the recipients of the 2024 Heartland Dental Hygiene Scholarships. A total of $45,000 in scholarships has been awarded to 18 students, each receiving $2,500. This initiative forms part of a broader workforce solutions partnership between the two organizations aimed at addressing the demand for dental hygienists. Heartland Dental has been supporting Concorde students since 2021, with this latest round bringing total scholarship awards to $125,000. The collaboration extends to sponsoring dental hygiene labs, graduate pinning ceremonies, and community events offering free services. To date, Heartland Dental has hired 144 Concorde dental hygiene graduates. Employment prospects for dental hygienists are promising, with national growth projected at 7% from 2022 to 2032 and significantly higher in states like Florida and Texas.
Universal Technical Institute (UTI) has announced that Rush Enterprises has joined its early employment program. The program allows selected diesel students at 10 UTI campuses across six states to gain 20-30 hours of paid work experience while in school. This opportunity can lead to full-time employment and includes education-related expense reimbursements after graduation. Rush Enterprises, which operates over 200 locations in North America, aims to build a talent pipeline through this partnership. The program also offers benefits like OEM training, wage increases for ASE-certified technicians, tool assistance loans, referral bonuses, and participation in Rush's annual Tech Skills Rodeo.
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